Press Release

PERI Finance Closes a Successful Second Round Fundraising Right Before its Upcoming IEO on Gate.io

Published

4 years ago

May 9, 2021

Defi has offered significant use cases and helped to create one of the biggest success stories in just one year rising the market cap of digital assets by over $100 billion USD. Decentralized finance is touted to be the next big thing to see massive adoption, especially in the Forex and banking sector. With an aim of inclusiveness and banking the unbanked, Defi has become one of the most sought markets in today’s time. PERI Finance is one such DeFi project that combines the best of crypto and Forex markets.

PERI Finance is a coming-of-age decentralized cross-chain synthetic issuance and derivative exchange protocol that provides unlimited liquidity on the Polkadot network. The platform offers a wide range of traditional financial as well as crypto assets in the forms of leveraged and non-leveraged synthetic products. It promises a lower GAS fee, speedy transaction, and ample security from front-running or flash loan.

The project has recently closed a successful second funding round raising $4.7 million from a diverse group of renowned investors including LD Capital, Blue Archer Trust, OneBlock, Dasheng Capital, BlueBlock, PrivCode(MXC), AU21, Mindworks, DuckDAO, Ruby Capital, and a few others. The fundraise comes on the heels of its official IDO on DuckDAO and KickStarter as well as an IEO launch on Gate.io scheduled for the 10th of May.

PERI Finance Offers the best of DEX Ecosystem

PERI Finance is building all kinds of synthetic assets DeX on Polkadot, making everyone collateralize PERI, USDC, and NFT. The platform will provide both simple and leveraged synthetic assets called “Pynths”; attracting arbitrageurs, increasing trade volume, and benefitting stakers. Pynths stands for PERI Synthetic Assets and is a synthetic asset of Forex, Indices, Commodities, and Cryptocurrency in traditional financial markets.

Some of the key products on offer include,

PERI. POOL: PERI Liquidity Pool is a pool created in the process by staking PERI and minting Pynth called pUSD( the native stable coin of the ecosystem). The pool acts as a liquidity provider.

PERI.Exchange: PERI.Exchange is a Pynths derivative DEX without an order book. It enables users to convert one Pynth to another with infinite liquidity and no slippage. Taking long or short positions on Pynths upto 20x leverage could maximize trading volume. The Pynth prices are provided by Oracle while Pynth perpetual contract prices are determined by virtual AMM.

PERI.DAO: PERI tokens are also used for governance. The token can be utilized via the PIP system (PERI Improvement Proposals) to hear community opinions.

PYNTHS NFTs: Pynths’ NFT-linked synthetic assets will be a game-changer for the massive NFTs market. Artists and investors are to be greatly rewarded and monetized by minting Peri tokens. Pynths will show its uniqueness in the Pynths’ NFT ecosystem

PERI is a utility token used to create a liquidity pool in the process of staking, generating the basic Pynth, pUSD. It is also a tool to be used for voting within PERI DAO, which will play a pivotal role in the development of PERI Finance. PERI holders will receive three different rewards by staking PERI or USDC and minting Pynths. The ratio of PERI to USDC will be 8:2, which can be changed by PERI DAO later.

The first staking reward comes from PERI inflationary supply policy. The initial supply of PERI will be 11,000,000 and 9,000,000 more will be issued for 40 months as compensation for staking with weekly intervals, resulting in a total of 20,000,000 in circulation. 52 weeks after staking rewards start, the inflation amount decreases weekly by 1.25%. After 40 months, the annual inflation rate will be fixed at 5%. 80% of the inflation reward will go to users who staked PERI and the rest to users staking USDC, which can be changed by PERIDAO later.

The second staking reward is the distribution of PERI. Assets’ revenue. The managed funds come from 50% of the fund raised by PERI token sales, so the holders can be rewarded additional profits only by staking PERI.

The third comes from the distribution of commissions incurred in Pynths transactions and leveraged Pynths contract trading. By staking PERI and USDC, users can mint pUSD . Users can exchange it for the other Pynth such as pBTC or lock some amount of pUSD for opening leveraged Pynth position like pBTCpUSD, the system will take approximately 0.3% of the fee and transfer it to the fee pool which is to be distributed proportionately to the entitled PERI stakers. The fee rate of exchanging Pynths can vary depending on the asset.

What Separates PERI From Other Similar DEX Offerings?

PERI Finance is building not only simple synthetic assets but also leveraged synthetic assets, Perpetual Futures swap. Everyone can trade pBTC and pBTC×20 by just staking PERI. Not only that we will provide NFT fractional DEX and its synthetic assets. Leveraged synthetic asset price is decided by AMM. So there should be a price gap between simple synthetic and leveraged assets.

Having both simple and leveraged synthetic assets in single staking will draw lots of arbitrageurs and lots of trade volume which increases commission and benefits stakers eventually.

To learn more about PERI Finance visit pynths.com